Understand the Jurisdictions Setup Requirement Before Proceed Your Vanuatu Company Formation
Vanuatu is located in Eastern Australia and New Zealand on the South Pacific Ocean. It is made up of approximately 80 islands. As a tax haven, it has been rank as one of the famous islands to do business besides the Cayman Islands, Bermuda, and Jersey. Vanuatu company formation is fast and easy to accomplish. All you need is the right documents and follow through with the process until the end.
In 2011, the Pacific 80 islands were all in the “white list” of the OECD’s international countries (Organization for Economic Co-operation and Development).
Lucrative Industries to Look at-in Vanuatu
Vanuatu Island has approximately 253,000 inhabitants with distinct languages making it a culturally diverse Pacific Island. The zero income tax, combined with no foreign exchange control, and an independent judiciary makes it an ideal place for tourism and investment.
Tourism is commonly considered the country’s most important growth sector, making up more than 50% of its GDP. The political stability and noticeable government commitment are boosting the development of the tourism industry.
Why Incorporate Vanuatu?
Vanuatu presents numerous benefits that investors can take advantage of and enjoy doing business. Vanuatu company formation offers applicants favourable and flexible taxes, including a 12.5% lower value-added tax (VAT), compared to China’s (13%). And as a result, it gives a strong reason for an entrepreneur and business owner to consider investing in Vanuatu’s Island Republic. Similarly, the Island offers a more straightforward administration process that is steadfast.
As part of the registration process, an applicant can seek business consultant providers such as 3E Accounting. The consultant firm will offer you the following services at your convenience.
- Payroll and Human resource services
- Corporate secretarial services
- Business permit renewal
- Accounting and auditing services
- Legal and Taxation services
If you’re looking for professional services, you have a chance to grab this opportunity by just contacting our customer care.
Now, when it comes to Vanuatu company formation, the company’s directors and shareholders don’t necessarily need to be the citizens of the Island. The company Act that governs the company’s incorporation does not require a corporation to disclose the names of owners, directors, and shareholders.
The Island Republic of Vanuatu’s stable political environment is another reason to start a business. The Island has never experienced any political unrest or any manner of economic disruption. Vanuatu is English speaking the Pacific Island for any English-speaking investors who might think they’d experience communication barriers.
The Registration Process
Before we get into the Vanuatu company formation process, it’s prudent to understand the primary general company’s information. This includes company details, selecting a company name, among others.
The process of company registration in Vanuatu is simple and easy.
- Corporate Name search and Approval
Every company/business must operate under a legal name. Therefore, an applicant must begin by selecting a few proposed names that fit the nature of the business. The name must be unique and precise, and, therefore, the applicant must ensure to check the eligibility of the name with the Registrar.
- Registration of the Company
The Republic Island of Vanuatu gives applicants the option of registering either traditionally or online. The applicant must ensure that all the statutory documents required by the Registrar are available. The body in charge will verify and approve the necessary documents, after which the applicant is guided to the next process.
Some of the commonly required statutory documents required for Vanuatu company formation may include Memorandum and Articles of Association and its constitution.
Consequently, in situations where a foreign applicant may require incorporating an offshore company, these are some of the requirements:
- Certificate of Organization
- Articles of organization
- Minutes of the meeting
- Ownership certificates
- Members registration
- Company secretary maintenance
- Registered services in year one
- The registered address of the office for year one
- The government registration fee is free for year one.
For further assistance concerning Vanuatu company formation, 3E Accounting can assist you through the entire process.